December 9th, 2016: SP-500 Chart Update
Posted by pugsma on December 9, 2016
9:50 pm EST: The primary (green) count wave count is that wave minor 3 of major [3]-P5-C1 is underway with a target at 2332, where minor 3 = 1.23*minor 1. Within minor 3, minute (1) completed at 2114, minute (2) wave ended at 2188 the Fib retrace target of 23% = 2184 and now wave minute (3) of minor 3 of major [3] is underway. Wave (3)=(1) at 2318. The major [3] = 1.23*[1] target is at 2375 and the P5=P1 target is 2514 to complete the Cycle 1 wave.
The alternate (blue) wave count is that the P5-C1 wave off the 1810 P4-C1 low is playing out as an Ending Diagonal (ED) with the recent low at 2084 as major [4]-P5-C1 and this final move up as major [5]-P5-C1. For an ED wave major [4] can overlap major [1] and there is a requirement that major [5] < [3] < [1]. That would mean that the maximum for P5 is at 2286, where [5]=[3]. The move up from 2084 to 2182 is minor A of major [5] and the triangle wave was minor B with orthodox low at 2151. Since the minor B low at 2151, the minor C wave has been underway. The minor C wave targets are 2249, where C=A and 2272, where C=1.23*A. Also, the P5 = 0.62*P1 target is at 2246 and this fits well here with the ED maximum target area.
Have a great weekend !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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